Preparing for Retirement: Top Trends

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Most workers are preparing for retirement, but many aren’t sure whether they’re saving enough

About 37% of workers expect they’ll need $1 million or more in retirement savings

Those with a formal plan are almost twice as likely to feel confident about the future

Most Americans are fairly confident about preparing for retirement – are you?

The Employee Benefit Research Institute (EBRI) 2017 Retirement Confidence Survey gauged the retirement preparation and confidence levels of 1,082 workers and 589 retirees across the U.S.

1. How much will you need in retirement?

More than one-third of Americans say a million dollars is the amount they’ll need for a comfortable retirement.

2. What will your retirement income sources be?

If you’re like most, Social Security will be key – with an employer-sponsored plan coming in a close second. Have you evaluated your sources? Here are the percentages of respondents who expect to use each income source.

3. Are you taking advantage of financial strategies?

Nearly half of Americans simply lack confidence in their ability to select funds or protect their savings.

Ready for the next step? Contact your advisor

If you don’t feel completely confident about retirement, you’re not alone. While 43% of respondents without a plan reported feeling stressed about retirement, 69% of those with a plan said they felt financially secure. Your Ameriprise advisor can help if you’re experiencing concerns with any of the above areas. See the complete EBRI study results here.

Financial adviser Joanne Reilly, CFP ® , CDFA™, APMA ® (Joanne Reilly and Associates) is a Certified Financial Planner with more than 30+ years of successful experience helping her clients to build exciting futures as well as weather unexpected circumstances. In addition to holding the CFP designation, she also holds the CDFA (Certified Divorce Financial Analyst designation) as well as the APMA (Accredited Portfolio Management Advisor) designation.

Joanne, affiliated with Ameriprise and based in Boston, MA, is licensed to practice in multiple states throughout the country (N, S, E, W, as well as the mid-section). A graduate of Smith College, her previous positions included Bank of America (Senior Vice President, Investments and Insurance).

As an After-Fiftier, she loves Boston – but also enjoys travel, time with friends and family, tennis, music and the fine arts. She also makes time for an important priority in her life: The Haven Project. The Haven Project is a growing non-profit organization assisting the needs of homeless young adults on the north shore of Boston. Their mission? EQUIP and EMPOWER the growing population of unaccompanied and at-risk young adults ages 17-24 in the geographical area with the skills and support they need to achieve their life’s purpose.